Home prices across the U.S. rose in October, but at a slower rate than in September, according to the S&P/Case-Shiller Home Price Indices released Tuesday.
The 10-City Composite gained 4.4% year over year in October, down from 4.7% in September, while the 20-City Composite gained 4.5%, compared with a 4.8% gain in September.
Eight cities, however, did experience faster price rises, data showed.
The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, saw an annual gain of 4.6% in October, versus 4.8% in September.
Over the last 12 months, Miami and San Francisco experienced price rises of 9.5% and 9.1%, according to the report. Las Vegas led the declining annual returns with a decrease of 1.2%.
Mixed October Figures
The National and Composite Indices were both slightly negative in October — the 10- and 20-City Composites were down by 0.1% from September and the National Index by 0.2%.
Eight cities saw prices rise faster October than a month earlier, while 10 cities recorded lower monthly figures and two — Detroit and San Diego — were flat for the month.
San Francisco and Tampa, Florida, led all cities in October with increases of 0.8%. Other cities that experienced increases were Dallas, Denver, Las Vegas, Los Angeles, Miami and Phoenix.
Chicago and Cleveland were the big losers, reporting decreases of 1% and 0.7%.
“After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.
“Two months ago [August], all 20 cities were experiencing weakening annual price increases. Last month [September], 18 experienced weakness. This time, 12 cities had weaker annual price growth, but eight saw the pace of price gains pick up.
“Seasonally adjusted, all 20 cities had higher prices than a month ago.”
Blitzer noted that most national economic statistics, other than those connected to housing, had posted positive reports in November and early December: third-quarter GDP was revised to 5% real growth at annual rates, and unemployment was at 5.8%.
In contrast, housing was somber, he said. In November, housing starts declined by 1.6%, existing home sales were down 6.1% and new home sales were down by 1.6%.
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